Ann: Notice of Annual General Meeting/Proxy Form, page-2

I have this being quite cheap on various metrics such as EV/EBITA (norm.) of sub 6x FY25e and FY26e. I think the market is perhaps missing (perhaps deliberately having been perhaps burnt here before and new management) (1) full year benefit of DVR acquisition, (2) CARE FUM growth which is high margin earnings, (3) conservative YoY growth across each area of the business (from accounting at the lower end to Services and Wealth at the upper), (4) benefit from $4m cost synergies from DVR deal (up from $3m initially announced) and divestment of loss making Bentleys in WA which together give you a $5m+ benefit, and (5) these things combined with the fact it is fundamentally profitable, paying a dividend, and in a space being targeted by PE / similar for roll ups. DYODD but on a FY25e and FY26e basis, it doesn’t feel like there’s much good news priced in at these levels. A key risk is since they spend a significant portion of free cash flow on M&A, that will drive medium to longer term returns, and they could be clearer about the methodology here. Not investment advice - always do your own diligence ofc, and not hugely liquid, but overall not a bad one to keep an eye on.